Case Summary
State Bank of India filed a suit against M/s. Union Institutional Supplies and its partners for defaulting on a cash credit hypothecation loan. The court found in favor of the bank requesting the defendants to repay the outstanding loan amount.
Judgment Outcome
Judgment Favored
Plaintiff
Relief Granted
Defendants are jointly and severally directed to pay an amount of Rs. 13,48,831/- with interest.
Case Type
Commercial Suit
Final Judgment
No
The court decreed the suit in favor of the plaintiff, ordering the defendants to pay the outstanding loan amount along with interest.
Why Plaintiff Won:
The court found substantial evidence supporting the plaintiff's claim regarding the loan agreement and subsequent defaults.
The court found substantial evidence supporting the plaintiff's claim regarding the loan agreement and subsequent defaults.
Losing Side's Weaknesses:
The court found substantial evidence supporting the plaintiff's claim regarding the loan agreement and subsequent defaults.
The court found substantial evidence supporting the plaintiff's claim regarding the loan agreement and subsequent defaults.
Supporting Evidence
I find that plaintiff had succeeded in proving their case.
Judgment Evidence:
In the result, suit is decreed as follows: (a) Defendants are jointly and severally directed to pay an amount of Rs. 13,48,831/- (Rupees Thirteen lakhs forty eight thousand eight hundred and thirty one only) with 9% interest per annum from the date of suit, till the date of decree and thereafter, @ 6% per annum till realization.
Parties Involved
Parties
- Party Role
- Plaintiff
- Party Name
- State Bank of India
- Party Role
- Defendant
- Party Name
- M/s. Union Institutional Supplies
- Relation
- Rep.by its Managing Partner
- Party Role
- Defendant
- Party Name
- Prasad G
- Party Age
- 55
- Relation
- S/o.Gopal T
- Party Role
- Defendant
- Party Name
- Rajish Balan
- Party Age
- 48
- Relation
- S/o.V.P.Balan
- Party Role
- Defendant
- Party Name
- Rajesh Pillai
- Relation
- S/o.Viswanathan Pillai
- Party Role
- Defendant
- Party Name
- Harikumar P.G.
- Party Age
- 48
- Relation
- S/o.Gopalakrishna Menon
Plaintiffs Documents
Loan application signed by defendants infavour of plaintiff, Sanction letter, Hypothecation cum working capital agreement, Guarantee agreement for working capital agreement, Revival letters, Letter of arrangement, Lawyer notice, Non starter report, Statement of accounts.
Defendants Documents
Advocates
- Party Role
- Plaintiff
- Advocate Name
- Sri.Sajeevan M.V.
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Sri.E.Balakrishnan
- Appearance Type
- Main Counsel
- Party Role
- Defendant
- Advocate Name
- Adv.Unnikrishnan
- Appearance Type
- Assisting Counsel
Reliefs
Relief Type:
Recovery
Outcome:
Granted
Description:
Defendants are jointly and severally directed to pay an amount of Rs. 13,48,831/- with interest.
Evidence:
In the result, suit is decreed as follows: (a) Defendants are jointly and severally directed to pay an amount of Rs. 13,48,831/- with 9% interest per annum from the date of suit, till the date of decree and thereafter, @ 6% per annum till realization.
Relief Type:
Other
Outcome:
Granted
Description:
Plaintiff is also entitled to realise the cost of the suit.
Evidence:
In view of the findings in issue No.1, I find that the plaintiff is entitled to realise the amount claimed in the plaint.
Documents & Evidence
Document Type:
Loan Application
Submitted By:
Plaintiff
Relevance:
Defendants applied for loan before the plaintiff bank.
Reference:
Ext.A1
Document Type:
Sanction letter
Submitted By:
Plaintiff
Relevance:
Plaintiff bank granted loan to the defendants.
Reference:
Ext.A2
Document Type:
Hypothecation cum Working Capital Agreement
Submitted By:
Plaintiff
Relevance:
Executed by the defendants in favour of the plaintiff bank.
Reference:
Ext.A3
Document Type:
Guarantee Agreement
Submitted By:
Plaintiff
Relevance:
Executed by the defendants in favour of the plaintiff bank.
Reference:
Ext.A4
Document Type:
Revival Letter
Submitted By:
Plaintiff
Relevance:
Executed by the defendants in favour of the plaintiff bank.
Reference:
Ext.A5
Document Type:
Revival Letter
Submitted By:
Plaintiff
Relevance:
Executed by the defendants in favour of the plaintiff bank.
Reference:
Ext.A6
Document Type:
Letter of arrangement
Submitted By:
Plaintiff
Relevance:
Executed by the defendants in favour of the plaintiff.
Reference:
Ext.A7
Document Type:
Lawyer Notice
Submitted By:
Plaintiff
Relevance:
Issued by the plaintiff bank calling upon the defendants to repay the outstanding loan amount.
Reference:
Ext.A12
Document Type:
Non Starter Report
Submitted By:
Plaintiff
Relevance:
Issued by the District Legal Services Authority, Kozhikode.
Reference:
Ext.A13
Document Type:
Statement of Account
Submitted By:
Plaintiff
Relevance:
Pertaining to the loan account of the defendants showing default in repayment.
Reference:
Ext.A14 to A16
Case Classification
Case Type
Commercial Suit
Category
Money and Loan Recovery
District
Kozhikode
State
Kerala
Court Establishment
Commercial Court Kozhikode
Common Reasons
Recovery of money
Case Code
Case between State Bank of India vs M/s. Union Institutional Supplies et al regarding realisation of money
Case Code Year
Case between State Bank of India vs M/s. Union Institutional Supplies et al regarding realisation of money